Euro forecast as of 09/01/2009

EURUSD – Market is still in the range and Elliott still shows that market is in the process of  “Double Zig-Zag” (DZ) 2nd wave in the range of 1.3093 – 1.3846 between July 1st and September 14th .

Market move above 1.44 makes it more likely that DZ 3rd wave has started move below 1.40 makes it more likely that DZ 2nd wave is in process.

EURUSD5_090901_Blog

* Click on chart to view larger image and print.

Double Zig-Zag is a three wave pattern, where 1st and 3nd wave is Zig-Zag and the 2nd wave is corrective in nature.

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